Is Impulse buying a viable strategy for the Swiss Watchmakers?


New research has just confirmed what we all have always thought; retail therapy actually exists, and it accounts for more than 20% shopping purchases. According to the research by Finder, shoppers in the UK and North America tend to exhibit similar traits when it comes to impulsive shopping habits.

Impulsive online shopping

How big is impulsive buying?


United Kingdom
Mortar London carried out a study on behalf of Finder.com where they found that 78.4% of Britons gave in to impulse shopping with over 22.9% buying things on impulse weekly. MYJAR, in its study for the Independent, estimates that impulse buys constitute about 108 purchases a year. 4 out of 10 respondents admitted to buying things as a form of retail therapy with 54% of these purchases occurring online.

United States
88.6% of Americans have given in to the impulse shopping temptations. Americans also make as much as 156 impulse buys annually.

By Generation
Millennials are the generation with the highest impulse spending figures as 8.4% of them most probably have a daily online shopping habit, Gen X come close with 6.1% and 1.3% of Baby Boomers shop online daily.

Is it critical for Swiss Watchmakers to target impulse buying?


Impulse buying concerns small amounts in relation with the average cost of an Automatic Swiss Watch.The study reveals that in the United Kingdom, on average impulse buying represent a total of £200 per month.

On average, Americans spend $85.85 on every impulsive in-store purchase, and $81.75 on online purchase. With Baby Boomers spending the most online with $174.25, which more than doubles Millennials’ spending of $82.37 and $65.56 by the Gen Xers.

The amount spend on a single impulsive purchase amount is far to low to consider the purchase of a SWISS MADE mechanical watch. It could happen but it will remain marginal.

Key takeaway


Impluse buying is not a viable commercial strategy for most Swiss Watchmakers. It can't replace the necessary Journey to Purchase taken by a luxury shopper looking at Swiss Made automatic watches.

About the Author


GAEL PARFAITE
GAEL PARFAITE

Online strategy consultant for more than 22 years. He has involved in eCommerce right from its infancy. A strong advocate of the Lean Business Model. For him, a business starts with customers, not products.

MORE

eCommerce Insights


Solution to Reduce eCommerce Cart Adandon
For any watchmaker Brands involved in eCommerce, cart abandon is frustrating, particularly after so much effort has been put into generating quality online visits of potential shoppers ...Read More
Is Impulse buying a viable strategy for the Swiss Watchmakers?
New research has just confirmed what we all have always thought; retail therapy actually exists, and it accounts for more than 20% shopping purchases. ...Read More
Selling Swiss Luxury Watches to Millennials
Millennials have become the demographic of choice for Luxury Brands when it comes to product marketing. ...Read More
How To Increase The Sale Of Your Brand?
Before buying products or services online, 9 out of 10 people go online to check for reviews and comments on blogs and forums. ...Read More
GAELPARFAITE

MARKETING |  STRATEGIES |  INSIGHTS



TERMS OF USE   PRIVACY POLICY

© 2020 GAELPARFAITE.COM